Ryanair‘s latest takeover bid for Aer Lingus has been rejected by the airline. Ryanair offered €694m, it’s third bid in six years, which Aer Lingus said still “fundamentally undervalued the business”.

Aer Lingus also pointed out that it would be unlikely to be approved by Europe’s competition commission because it would give Ryanair too much of a monopoly on certain routes.

In a statement, it said: “Ryanair’s 2006 offer was prohibited by the European Commission on competition grounds, and your Board believes that the reasons for prohibition are now even stronger than before: the number of routes that Ryanair would monopolise has sharply increased.

“Your Board has received legal advice that the European Commission is likely once more to prohibit the Ryanair Offer, and that this is not therefore a credible offer which is capable of completion.”

The UK Competition Commission is due to hear a case regarding Ryanair’s existing 30% stake in Aer Lingus this Friday.